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Summary Of Greek Reform "Pledges"
At this point everyone is so habituated to worthless updates from Greece that we are shocked Bloomberg even noticed. Either way, here is latest Greek headline tape bomb, via BBG, which looks at a leaked Troika draft report obtained by Bloomberg.
- TROIKA DRAFT GREEK ACCORD SAYS 2012 GDP TO SHRINK AS MUCH AS 5% - so make that 15%-25% realistically
- GREECE TO CUT MEDICINE SPENDING TO 1.5% OF GDP FROM 1.9% OF GDP - why not just "cull" 15-20% of the population?
- GREECE PLEDGES TO MERGE ALL AUXILIARY PENSION FUNDS - one problem - following the default, there will be no pension funds left.
- GREECE TO PLEDGE 20% CUT IN MINIMUM WAGE IN TROIKA DRAFT - and Greek citizens pledge to never work again.
- TROIKA DRAFT GREEK ACCORD RENEWS PLEDGE TO CUT 150,000 EMPLOYEE - or the US equivalent of nearly 5 million workers...
- TROIKA DRAFT GREEK ACCORD PLEDGES 15,000 STATE JOB CUTS IN 2012
- GREECE TO PLEDGE ACCELERATED LABOR, PRODUCT MARKETS REFORMS
- GREECE PLEDGES PERMANENT SPENDING CUTS IN TROIKA DRAFT REPORT
- GREECE PLEDGES NOT TO INCREASE SALES-TAX IN DRAFT REPORT
- GREECE RENEWS PLEDGE FOR 1 NEW HIRE FOR EACH 5 DEPARTURES
- GREECE AIMS TO SELL DEPA, DESFA, OPAP, EYDAP, EYATH IN 1H 2012
- GREECE ALSO TARGETS HELLENIC PETROLEUM SALE IN FIRST HALF 2012
But the winner is:
- TROIKA DRAFT GREEK ACCORD SEES RETURN TO GROWTH IN 2013 - OMFG.... no, did they just... HILARIOUS
This from the country that was "just short" of a 9% forecast revenue growth in January with a 7% miss??? Sheer lunacy, and Germany will throw up all over the "pledges" as they have had enough. What is needed are guarantees. And even these are pending since the government meeting is still going on, meaning that Greek "leaders" can't come to an agreement over a set of hollow promises?
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1 new hire for each 5 departures, hmmmmmmmmm
If it were the US, the media would spin that into 20% job growth.
By 2013 all that will be left of Greece is ashes from riot fires.
We pledge that every Friday will be Ice Cream Friday for all government employees, plus free unicorn rides for all government workers under age 10.
Funniest comment in the last 10 days = +10
Looks like the Greek Sheeple get in Da Butt again ...
So it's all fixed again, right?
Return to growth in 2013. There's no other word indeed, that's hillarious.
But hey, look, I wanted to say that I know my 105 years old great grandmother is terminally ill but wait 'til next year, she's gonna rock!
Yeap , to much smoke from tiny green tasty flowers
smoke too much ?
http://www.youtube.com/watch?v=hcCuBWXd-hc
Growth nexy year ? the'll need hell of a travel agent
23rd times' the charm.....right?
AHHH, Snake Eyes again. You lose, and lose and lose and lose......
If the BLS was calculating the Greek unemployment it would have dropped from 18.8% to 8%. Life is simple if you work for the government.
GREECE TO TROIKA: FUCK OFF, NOW SCRATCH MY BALLS.
<- LOL'D
<- NO LOL'D
http://www.youtube.com/watch?v=u2UhvN0k74w&feature=related
All this to put a stop loss on some douche bags unsound lending practices? Screw that, send me a bill, I'll get back to you circa 2045. Best of luck!
-The Greek People
You were saying something about the "Arte of the Possible"? Go on....
Read from recent Armada Markets market forecast that Greece will default within weeks now. This is pretty sure now. If the Greece government accepts these demands then there will be a civil war there soon.
I guess it is time to get ready for summer and finally!!!:)pull those shorts on....what do you think they summoned those finance ministers to brussels for? haha
a civil war is a war between citizens of the same country. I think you meant to say a hanging of the politicians and banksters will occur if Greece citizens are forced into accepting these terms
I'd say the right term is revolution. I've said it before: it's either default or revolution now.
Greece will not default until they decide it will default.
They will keep this farce going until the markets quit responding to the news of 'NEW" deals, and we are very close to that.
Once the markets stop rallying on this crap, they will drop Greece and move on to Ireland/Portugal to repeat the same crap over again.
Sounds like a cut and paste from the BLS website!
Coming soon to a theatre near you..
"Drachma-ula Returns"
coming soon to cnbs...monty hall hosts "let's make a greek debt deal!"
Forget Greece. You should be looking at Portugal > Ireland > Spain > Italy and on we go.
How do I invest in these pledges?
More importantly: how do I short these pledges?
It's all gona end with a war, no other options left.
frat house pledges, bitchez!
I pledged once but when I found out Montezuma wanted to carve out my heart and feed it to the Bitchez dragon I got weary and fled.
I see that happening here too.
Return to growth in 2013. Why not?
Legalize pot, prostitution, ecstasy, and (ahem) fraternization with sheep, and watch the cash flow, Baybeeee!
Cowabunga Dudes, Dudettes too;)
Those pledges are about as funny as Obama pledging allegiance to the flag...
And a partridge in a pear tree.
Riots and fires to commence in Athens in 5.....4....3.....2.....
This will end...but not well. The human element is too strong and NOT being factored by ANY "leader".
Agreed. These conditions, if actually enacted, will be the jump the shark moment for the Troika.
If Greece defaults, Europe burns, if not, Greece burns.
This signals endgame.
:(
I think this "Draft" report is just Germany's Santa Clause wish list.
Greece is building a huge FENCE, so that their citizens can not flee the country:
http://www.cbsnews.com/8301-202_162-57372954/greece-to-build-anti-immigr...
The USA did the same. But the sheeple thought it was to keep the "illegal brown dirty people" from entering.
That should read "Germany builds a huge fence". They are paying for it, after all...
All Germany pays for is the interest on German bank loans.
/semi sarc
Uh, that would be on their Southern border, right???
and they call it an anti-immigrant fence? What a joke. Who would want to enter Greece now?
Ahh, that's cleared up a mystery for me: I always wondered why an Icelandic combat ship was flying the EU flag.
http://en.wikipedia.org/wiki/Frontex
http://en.wikipedia.org/wiki/ICGV_%C3%86gir
Amusingly, their teams are known as RABITs, and have already seen a few clashes with Turkish military along that border. So, in effect, Greece is building a rabit proofed fence.
'Sheer lunacy, and Germany will throw up all over the "pledges" as they have had enough.'
You underestimate the German stomach.
and the German endurance...
by reading British Newspaper alone, I'd be convinced that Germany is in a state of monetary revolt with barricades in every city...
MSM is a self fullfilling prophecy: spew 24hr propaganda that seeps into the unconscious of the unsuspecting and PRESTO! you have unpayed useful idiots doing your work for you. It'd be brilliant if it wasn't so dangerous.
new Loan Facility/Greece
http://www.scribd.com/doc/80957438/New-Loan-Facility-for-Greece-FILTERED...
PP
and a new SPV-fiduciary... to receive the interest payments and pay the bond holders.. managed by Merkozy ! based in Lux. tax free.. Juenker has the PATENT. ask Kim yo Il. ( 5bill USD )
xaxaxaaaaaaaaaaaaaaa Jesas
ha ha, OT but what the hell
it's history
President John F Kennedy ordered an aide to buy him as many Cuban cigars as he could just hours before he authorised the U.S. trade embargo - which subsequently made them illegal.
Kennedy asked his head of press and fellow cigar smoker Pierre Salinger to obtain '1,000 Petit Upmanns' on February 6, 1962, so he could have them in his hands before they were deemed contraband.
Then, seconds after he was told the next morning that 1,200 of Cuba's finest export had been bought for him, he signed the decree to ban all of the communist state's products from the U.S.
http://www.dailymail.co.uk/news/article-2098064/John-F-Kennedy-bought-1-200-Cuban-cigars-hours-ordered-US-trade-embargo.html
courtesy Drudge
1962 called, wants its news back...
...the Pentagon Pizza was a Cigar. Lol.
I'm surprised that JFK didn't somehow find ways to import cigars from Cuba after he signed the ban into law. That's what his ancestors would have done.
One thing is for certain though. The CIA didn't assassinate JFK over a couple illegal cigars...
what's good for the goose is not good for the gander
Just buy them in Europe.
I pledge to be a billionaire and a Victoria Secret Angel by 2013.
Who is with me?
#rainbowandunicorns
I meet 1/2 of it
Cool! Post a picture of your sexy ass!
I was the chick getting painted during the super bowl
See the culling is starting !!!!!!!!!!!!!!!!!!!!!
Euro did not like "pledges". SPY did! "SCOREBOARD!"
It's ok, Greece already has a fiscal plan that will balance budget by the year 2025. We just need to give them a little more time.
You know it ain't ag or au they're 'getting'? Not my money...
You want these cheeseburgers??!!!
C'mon man. Yo Merkel!! I'll suck yo d!%*???
+ 100 for the "Menace II Society" quote .... how appropriate.
( I am sure most have no idea what that is in reference to)
And...CUT SCENE.....
Greek PM plays the bumper-lipped crackhead asking Merkel for just a small little hit of some fiat-crack...
"YO BITCH...YO BITCH....I SUCK YO' DICK.. JUST LET ME GET MY GREEZY LIPS AROUND THAT SWEET PONZI-PIPE ONE MO' TIME...."
Long condoms and frequent flyer miles.
Sounds like the EU, ECB, Germany are finally getting their "FINAL SOLUTION". One country at a time. Gyros bitchez
It is refreshing to see the greek brethren come together and pull themselves up by their bootstraps and take one for the team and win one for the gipper to ensure the greater good of the vomit......dry heave......VOMIT.
would it be possible do do an overlay of the DOW for the last, whatever? i know exactly what the DOW daily would look like two weeks from now, three weeks, four......
I give 2 to 1 odds in favor of a full scale Greek revolt before the end of 2012
That is just pure blind optimism. You should work for Obama...
An American, err I mean, Greece build to last should have the financial stability to avoid civil war for at least two quarters!
Prosperity's right around the corner! Priceless!
Nicky,
Just Default
That's gonna go over well.
Yeah, I'm confident.
Don't know quite where it will go, but I'll bet it will leave a mark;)
Can we finally change "Troika" to "incompetent idiots living in denial"?
I'd prefer "Three Unelected Raping Murdering Fascist Fuckers".
edit: added murdering
HAHAHAHAHA
Another week blows by.
Here are some scenes from next weeks episode (even though it will be a rerun).
CNBC ...er politburo ... just picked up on these headlines.
Cue Greek riots
* TROIKA DRAFT GREEK ACCORD SEES GREECE LEADING THE WORLD ECONOMY IN 2014
* TROIKA DRAFT GREEK ACCORD EXPECTS THE WORLD'S LARGEST DEPOSIT OF GOLD TO BE DISCOVERED BENEATH ATHENS IN 2015
And I am sure the metrics they are basing all these pledges on are going to hold, for about a week.
This is downright awful.
pods
Metrics is a bullshit leadership word to cover up bullshit numbers !!
Yep, that is why my company started using the term.
Metrics are numbers massaged into a form that is useful to those reporting them.
pods
This is downright awful.
This is downright offal! (FIFY)
only 11 more months until GROWTH ......./SARC
So, the underpants gnomes are Greek, then!
This sould be good to punch thru 1350 on s&p and 13000 on Dow
TROIKA DRAFT GREEK ACCORD TO SUSPEND GAVITY.
A greek spokesperson had this to say- "Quite frankly we are all simply tired of walking and think floating everywhere will be much easier and better for the eCONomy."
TROIKA REPORT SAYS GREECE TO BE NEW MAIN MANUFACTURING LOCATION FOR APPLE COMPUTERS
Brilliant? Fire tons of people. Lower the wages of most.
But, but, but, who will pay the taxes to pay off the debt? The unemployed, the people with lower wages, the homeless?
How can Greece recover with everyone living in the Streets and eating from Soup Kitchens?
Yah Guy
An EU "expert" said for the time being they were trying to freeze things in place but if that's the case, how does the situation improve? More pointedly, the WSJ had a report on GLAXO who has instituted a policy of removing ALL funds from Europe DAILY - depositing nothing in EU banks. They called it "sweeiping". Mark my word - another new buzz word.
"TROIKA DRAFT GREEK ACCORD SEES RETURN TO GROWTH IN 2013"
...and these are the people running the show. It's so insane that it becomes comedy, but it gives me a horrible feeling of dread too - images of being on a conveyer belt leading into a sausage machine.
We're in real trouble when people like this seem to be in charge pretty much everywhere.
These are the same people who said Greece will be back in markets in january 2012. That was their "analysis" when they decided to start the direct bail out game of insolvent sovereigns in 2010. But this time it's different, they promise. I would be laughing my ass off if this wasn't so damn sad.
But Greece has nothing anyone wants except food items (love their olive oil). They really don't "make" much of anything so the only way to improve our new kind of economy is consumer buying. Yet that will clearly be impossible. So what does the EU think is going to power the country. Again, they should return/devalue the drachma and get the tourists back.
This is of course complete lunacy.
Unter Adolf wär das nicht passiert!
the greek towns must invent new money for local use and make a parallel economy with it OUTSIDE control of Eurozone. Make it a basis of trade and local barter. They could really boost the local economy if they had a guy like Bill Gates to insure back up for a new entrepreneurial economy with salaries pegged to 60% euro for new local currency. The business would boom if it had back up other than ECB, IMFand Merkel; bloodsuckers all working for bankstas.
Go local, go alternate economy, get off the euro hook!
I'm watching with amazement how the people are trying to rid themselves of the massive public debt. Their so called "leadership" is not able to emancipate the nation and screw the bankers. They can only be complicit and hope for the best as their own asses are on the line if they're not getting the population to stand behind the reforms.
This one is for the ages. One for the history books! A nation so deeply entrenched in debts it cannot possibly repay is offering itself and its people on the altar of international high finance because every last penny needs to be paid back somehow, someway.
In the process the "leadership" is agreeing to virtually strangle the nation and try and squeeze blood from stones.
So bizarre a script, so aggrevating to watch.
If the Greek military took over to establish a rule that would put the banksters in their place, would anyone here care? I'd cheer them on!
Massive austerity + huge labor cuts = growth??? Sounds more like the formula for ensuring a depression. The Troika, ECB, EU, et al. have gone full retard. Don't they know that printing endless amounts of money and massive spending are the only way to really grow an economy? At least according to the U.S.
Long on promises, short on follow through.
Whatever it takes to get the money...
Was Pegasus a unicorn?
Elada was chosen from NWO as lakmus.Simply to check how the sheeples around the world will respond.100 % they knew upfront,no way greeks will follow theyr orders.Soon/i hope not/there will be the same situation in Deutchland.But germans will be in line,not rioting,going to slaughter.
The only question the rioters will have is which building should they burn down first?
What is delaying the military coup in Greece?
Please, you first have to place the order for new (preferably EU manufactured) guns, then you make the people pay for them, and then (and only then) you use these guns against the people. That's the proper way of doing this...
I'm going to my bank and ask them for 30 million dollars for which I will pledge to pay them back some time in the future.
promise them you'll take a 20% pay decrease to make sure you can make the payments.
Bend over Greek peoples.
Is today the top?
everyday is a top. It will go down once i sell or my puts expire worthless
I still got a buttload of old drachmas left over from a Navy liberty in Thessaloniki. ah yes, she paid for everything and I got to keep the wad of funny money. Mebbe I'll get to buy that nice little villa overlooking the blue Aegean. Course she is probably rioting in the streets about now over the loss of her pension after retiring at age 50.
Maybe they need to replace the GS guy with someone from JPM. That should fix the problem. get someone with a name that doesn't start with Papo. maybe a name starting with klepto.........
5% drop in GDP........come on is this the CBO guys again......it will be 40-50%.....drop in above table GDP...now the under the table is a whole different thing...
The Greeks will NEVER sign off on that. Its the last 'pledge' that is the killer. Hellenic Petroleum owns the exploration rights for Greece and supposedly theres a crapload of oil in the Aegean. That's Greece's trust fund. Tell the Greeks that they'll have to give the Germans their oil and last years riots will look like an episode of Spongebob.
Greece imports 400K barrels/day and produces jack.
If there was oil there, they'd already have tapped it.
No, not once have the Germans mentioned the word "oil" in the same context with the word "Greece". The Germans are all in for investing in renewable sources of energy (Helios project).
Actually, I think that oil will be a small gift to our American friends to play along with the German plan for Greece.
TO buy obsolete army junk from USA. THe Greek army needs new toys.
...they pledge to cut wages to pay bankers that targeted labor for death. Hmmm. What was everyone thinking? Lol. Who in the hell was so tempted by the suicidal maniac offer? Was it the shine of the loaded gun with the $ sign next to the word ''debt note''? ...or just the fact that the devil pointing it at you said go ahead and pull the trigger ''you shall not surely die''. Lol
...if you quantify what ''money is today'', as a store of value for labor, you need only look at what this Bloomberg report on wage cuts in Greece means. The value defines the Vampire Squid is hungry for blood. Funny how the image of this vampire offers no reflection in the mirror. Maybe the Squid should not be called the Vampire Squid, proper term should be ''THE SUICIDE VAMPIRE SQUID''.
...now the Greeks, and everyone on the planet, need to ask themselves a question in the mirror. ''Are you The Suicide Vampire Squid?''
the standing Greek joke used to be, "what comes between a Greek father and his son? A crowbar" Now it's, "what comes between a Greek bankster and the Greek people? A crowbar".
I'll believe this as soon as Venizelos drops a 100 pounds...
Non mi prendere per i fondelli! Die nehmen uns alle am Arsch! Nevertheless I am fully convinced that this will be bullish for the markets. People are aware of that and they do not give a s....on it.
These greek politicians must have to be transported in armored vaults.
No problem, we can always invite to Athens our Cretian brethen who reportedly have RPGs!
Greece needs an ambush intervention. C'mon people we're all guilty of looking at them and not helping to shake the habit.
Just waiting for another statement from the real leadership in Greece, the Ueberfather of the Orthodox Church whatever his title may be. He is calling the shots. If he sees the political class selling out Greece's interests and harming Greeks in the process, he will call the people to pick up their pitchforks. Mark my words.
You must note (N.B.) that CNN brought a special mission to Athens.
They know something about the next days "happenings"?.......
Anderson Cooper?
When is Germany invading Greece? You'll know when you see a long line of black Mercedes filled with banksters.
When the black MB 's are lining up, it' not Germany, it's 200 west street, NY
TROIKA DRAFT GREEK ACCORD SEES RETURN TO GROWTH IN 2013
troika just jumped the shark, er, make that the blue whale...............
Yeah right... just wait until IMF abandons the troika ship. I heard that their projections about the Greek debt sustainability is somehow different than what the eurocrats would hope for.
The Squid is thirdting for Greek blood. Lloyd wants an island.
I think the headline leak mis read the time zone conversion table. Instead of 2:45 ET it was supposed to be leaked at 3:45 ET.
Gotta hit those 'puters juuuuuust right.
The Squid wants Greek blood
Where's Jimmy The Greek when you need him?
C'mon now Tyler! That's a wholly rational assumption, if you read between the lines.
RETURN TO GROWTH IN 2013 = Wholesale destruction of EVERYTHING by the 12/31/12.
Like I said, a wholly rational assumption.
Dead cat bounce, FTW!
This is getting old. Buy the fucking dip strategy going strong.
Tyler you described this as a "tape bomb". You know better than that. All joking aside the market should be tanking if this is what they've come up with after all these weeks. It's truly unreal.
GREECE PLEDGES TO HOLD YEAR ROUND NAKED OLYMPICS (Regular and Special).
The Troika must be full of wishful idiots. Greece can agree and do nothing. The Chinese sign all kinds of international documents and do the opposite.
The Troika have become the PIIGS useful suckers. The Troika likes to make public announcements to worthless agreements.
PIIGS suck all the money you can from these bloated bureaucrats!
Time for NATO... the 7.62 mm version. Those cocktails are going to start flying soon.
Cocktails do nothing.
For anything to change requires bullets going into brains. Nothing will change until that happens.
HOW THE MIGHTY HAVE FALLEN. WE HAVE BEEN ROBBED OF VALOR AND FREEDOM AS WE BUT OBSERVED THE THEFT IN OUR SLOTH AND IDLENESS.
Comment on Greek situation, with reference to new fence building & the fate of Cassandra.
Oh, oh, --
King, king, how shall I beweep thee?
From friendly soul whatever say?
Thou liest where webs of the spider o'ersweep thee
In impious death, life breathing away.
O me -- me!
This couch, not free.
By a slavish death subdued thou art,
From the hand, by the two-edged dart.
Aechylus, Agamemnon, 1489-96, trans. Robert Browning.
I get SOOOO tired of it all.
Take to the streets government workers! demand you be fully compensated for your no-show bureaucratic jobs at ever increasing pay with ever increasing benefits for your entire waste of space existences. Be sure to use the plural pronoun "we" and "us" a lot so you can gain a modicum of sympathy from the taxpayers you've robbed for years. And if you're surprised that the people who loaned you money are lining up to fuck you solid, you belong in the parthenon of assholes.
You assbags can always stiff them....
A incredibly generous and humane offer from the Troika. How fortunate the Greek people are that kindly Angela Merkel of Germany has taken the lead in this and from the earliest days has put the interests of the Greek people ahead of everything else.
Default, Collapse or leave the EU already!!! fool me once, shame on you! Fool me 237 times....uh how does it go?
Fool me 237 times, you'll probably fool me yet again ...